Facts & Figures

[Pages:5]Facts & Figures

Employment, starting salaries, and educational indebtedness of year-2012 graduates of US veterinary medical colleges

? Mean full-time starting salary among all types of employers combined (private, public-corporate, and advanced study programs) was $45,575 in 2012. Excluding salaries for graduates pursuing advanced education, mean full-time starting salary was $65,404. These values represented decreases of 3.0% and 1.6%, respectively, compared with values for 2011.

? Mean educational debt among the 89.2% of respondents with debt was $151,672 in 2012, an increase of 6.4% over the 2011 value. Mean educational debt for all respondents in 2012 was $135,359, and median was $140,000.

In cooperation with the 28 US schools and colleges of veterinary medicine, the AVMA conducted its annual survey of fourth-year veterinary medical students. Surveys were sent to the 2,686 veterinary medical students expected to graduate in spring 2012, and responses were received from 2,502 (93.1%; Appendix). Surveys were distributed approximately 4 weeks before graduation for each school or college, and the survey instrument remained active until graduation. Information on veterinary students' employment choices, expected salaries, and estimated educational indebtedness was collected from survey respondents. All schools participated in Web-based surveys. In the results reported here, base sizes vary because some respondents did not answer all questions.

Employment of New Graduates

At the time of the survey, 96.3% (2,410/2,502) of respondents indicated they were actively seeking employment or advanced education in veterinary medicine. The remaining 3.7% (92) of respondents indicated that they were not actively seeking such positions.

Respondents seeking veterinary positions were asked to indicate their top 3 employment preferences. The first choice of these individuals was employment in private practice (60.3% [1,449/2,404]), followed by advanced education (35.7% [858]), public or corporate practice employment (3.8% [91]), and other employment (0.2% [6]).

Among respondents seeking veterinary positions, 61.5% (1,482/2,410) had received 1 offer of employ-

Prepared by Allison J. Shepherd, MBA, and Laura Pikel, BS; from the Communications Division, AVMA, 1931 N Meacham Rd, Ste 100, Schaumburg, IL 60173.

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ment or advanced education, a decrease compared with values from 20111 (74.3% [1,798/2,421]) and 20102 (78.9% [1,827/2,316]). Of year-2012 respondents who had received offers, 63.9% (944/1,478) had 1 offer, 21.0% (310) had 2 offers, 9.3% (138) had 3 offers, and 5.8% (86) had 4 or more offers. The mean number of offers received by individual respondents who received at least 1 offer of employment was 1.6 in 2012, the same as in 2011.

The distribution of respondents who had accepted veterinary positions was determined (Table 1). At the time of the survey, 88.9% (1,317/1,482) of those who had received employment offers had accepted an offer. This represented 54.6% (1,317/2,410) of respondents who indicated that they were seeking a veterinary position. Of those who had accepted offers, 84.2% (1,107/1,315) accepted a position that matched their first choice. Approximately 4 in 10 (41.5% [547]) of those who had accepted an offer accepted employment in private practice, and 3.3% (43) accepted employment in public or corporate practice. Overall, 55.2% (727) of respondents accepting offers had chosen a position in an advanced education program. This represented 30.2% of the 2,410 respondents who indicated that they were seeking a veterinary position. Because the number of advanced education positions available in any given year is relatively limited, the 1,093 respondents who indicated that they were still considering employment offers or had not yet received an offer at the time of the survey were considered likely to accept veterinary employment in the public, corporate, or private practice sector, rather than obtain a position in an advanced education program.

Among respondents who had accepted offers, 97.9% (1,280/1,307) expected to work full-time [ 30 h/wk and 48 wk/y]). Of the 542 respondents who had accepted employment in private practice and answered the question, 98.2% (532) expected to work full-time, and 99.1% (531/536) expected to be employees rather than self-employed. Of those who had accepted public or corporate practice employment, 95.2% (40/42) expected to work full-time. All but 2.1% (15/723) of respondents who had accepted an advanced education position expected to work full-time.

Among respondents who had accepted an offer of employment, companion animal exclusive practice (23.1%) was the most commonly selected private practice type, followed by mixed animal practice (8.5%) and companion animal predominant practice (4.4%; Table 1). The least commonly selected private practice types were food animal predominant (2.3%), equine

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Table 1--Mean full-time starting salaries of year-2012 graduates* of US veterinary medical schools and colleges by type of employment.

Employment type

No. (%) accepting

positions

Mean starting salary ($)

No. reporting starting salary

Private practice

Food animal exclusive

19 (1.4)

74,235

17

Food animal predominant

30 (2.3)

61,052

29

Mixed animal

112 (8.5)

63,993

107

Companion animal exclusive

304 (23.1)

68,116

295

Companion animal predominant

58 (4.4)

69,736

56

Equine

21 (1.6)

37,143

21

Other

3 (0.2)

--

2

All private practice

547 (41.5)

65,998

527

Public and corporate

College or university

7 (0.5)

--

6

Federal government

8 (0.6)

--

7

State or local government

1 (0.1)

--

1

Industry-commercial

4 (0.3)

--

4

Uniformed services

17 (1.3)

64,800

16

Not-for-profit

6 (0.5)

--

6

All public and corporate

43 (3.3)

57,566

40

Advanced education

Internship

649 (49.3)

29,628

643

Residency program

45 (3.4)

36,489

43

Other

33 (2.5)

33,163

19

All advanced education

727 (55.2)

29,628

705

Totals

All employment types

1,317 (100)

45,575

1,272

Mean (excluding advanced

590 (44.8)

65,404

567

education programs)

*Surveys were sent to 2,686 veterinary medical students expected to graduate in spring 2012; responses were received from 2,502. In total, 1,317 of the 2,410 respondents seeking positions had accepted positions at the time of the survey; salary information was provided by 1,272 of those who had accepted full-time employment offers.

-- = Base size too small to report value.

(1.6%), food animal exclusive (1.4%), and other private practice (0.2%). Offers accepted in public or corporate practice settings included uniformed services (1.3%), federal government (0.6%), not-for-profit organizations (0.5%), colleges or universities (0.5%), industry (0.3%), and state or local government (0.1%).

Advanced Education

Among the 1,317 respondents who had accepted employment offers, 49.3% (649) accepted an internship, 3.4% (45) accepted a residency, and 2.5% (33) accepted positions in other types of advanced education programs (MPH, MPVM, MS, PhD, or other). Of the 645 respondents who indicated the type of internship chosen, 57.2% (369) accepted a position in private referral practice, 13.3% (86) accepted a private practice position, and 4.7% (30) accepted a position in a corporate-owned practice. In addition, 23.7% (153) accepted an academic position, and 1.1% (7) accepted a not-for-profit internship position. Most internships had a companion animal focus (72.9% [471/646]), followed by equine (22.9% [148]), food animal (1.9% [12]), exotic or zoological animal (1.1% [7]), and mixed animal practice (0.6% [4]); 0.6% (4) were focused on other specialties.

Respondents who accepted internships were asked their primary reason for undertaking an internship. Many (40.7% [262/644]) indicated that they wanted to practice better-quality veterinary medicine, 38.0%

JAVMA, Vol 241, No. 7, October 1, 2012

(245) indicated that they planned to apply for a residency, 18.3% (118) believed they needed more training before entering veterinary practice, and 3.0% (19) had reasons other than the choices listed in the survey.

Specialty Board Certification

Approximately a third of all respondents (31.8% [796/2,502]) indicated they were planning to obtain postgraduate education or training in an AVMA-recognized, board-certified specialty. Among the 795 respondents who indicated a particular specialty, the specialty boards mentioned most often were the American College of Veterinary Internal Medicine (27.9% [222]), American College of Veterinary Surgeons (22.0% [175]), American College of Veterinary Emergency and Critical Care (11.2% [89]), and American Board of Veterinary Practitioners (13.2% [105]).

Base Starting Salary

To provide the most accurate salary information for graduates, survey questions allowed respondents to indicate various means by which they expected to be compensated for work (eg, base salary only, base salary with a production bonus, and production-based salary only [in lieu of salary]). Respondents who had accepted an offer of employment in 2012 were asked to indicate types of compensation expected. Of the 1,279 respondents who

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had accepted an offer of full-time employment and indi- nus, 0.5% (6) indicated they would receive a salary fully

cated the type of salary they would receive, 76.3% (976) based on production, and 2.5% (32) were uncertain.

indicated they would receive a guaranteed salary with no

Salaries of respondents who had accepted full-time

option for a production bonus, 20.7% (265) indicated employment were summarized (Table 1; Figure 1). Mean

they would receive a base salary with a production bo- starting salary among all employer types combined (pri-

vate, public, and corporate practice and

advanced education programs) decreased

3.0% from $46,971 in 2011 to $45,575

in 2012 (all salary values are reported in

nominal dollars and have not been ad-

justed for inflation); this was attributable

in part to a higher percentage of gradu-

ates reporting advanced education in-

comes (55.4% [705/1,272] in 2012, com-

pared with 52.2% [771/1,477] in 2011).

However, when advanced education

salaries were excluded from the analysis,

mean starting salary was still found to be

decreased 1.6% from $66,469 in 2011

to $65,404 in 2012. Mean starting sal-

ary for public or corporate employment

decreased 10.0% from 2011 ($63,970)

to 2012 ($57,566). The mean starting

salary in an advanced study program in-

creased 1.8% in 2012 ($29,116 in 2011

vs $29,628 in 2012).

Among all types of private practice

employment, the mean full-time start-

ing salary decreased 1.1% from $66,714

in 2011 to $65,998 in 2012. Excluding

data from respondents who accepted

positions in equine practice, mean start-

ing salaries ranged from $61,052 for

Figure 1--Relative frequency distribution of full-time starting salaries of year-2012 food animal predominant practice to graduates of US veterinary medical colleges who entered private practice (n = 527). $74,235 for food animal exclusive prac-

Table 2--Distribution of full-time starting salaries of year-2012 graduates* of US veterinary medical schools and colleges by type of employment.

Salary range ($) FAE (17) FAP (29) MIX (107) CAE (295) CAP (56) EQU (21) USV (16) AEP (705) Overall (1,272)

< 23,000

--

--

--

--

--

9.5

--

4.5

2.8

23,000?26,999

--

3.4

--

2.0

--

23.8

--

29.6

17.7

27,000?30,999

--

--

--

4.7

1.8

23.8

--

38.2

22.8

31,000?34,999

--

--

--

--

--

--

--

11.2

6.2

35,000?38,999

--

--

--

0.7

1.8

9.5

--

9.8

5.8

39,000?42,999

--

3.4

0.9

0.7

1.8

9.5

--

3.8

2.8

43,000?46,999

--

--

4.7

0.3

--

4.8

6.3

0.9

1.3

47,000?50,999

5.9

3.4

3.7

1.4

3.6

4.8

6.3

0.6

1.5

51,000?54,999

--

--

5.6

1.0

--

--

6.3

0.4

1.0

55,000?58,999

--

20.7

11.2

6.8

7.1

4.8

--

0.3

3.6

59,000?62,999

11.8

10.3

29.9

12.5

19.6

--

25.0

0.3

7.4

63,000?66,999

17.6

34.5

9.3

11.9

3.6

--

6.3

--

4.9

67,000?70,999

5.9

13.8

11.2

18.3

26.8

--

25.0

--

7.4

71,000?74,999

5.9

10.3

3.7

6.1

7.1

--

12.5

0.3

2.8

75,000?78,999

5.9

--

10.3

9.8

5.4

--

6.3

--

3.7

79,000?82,999

17.6

--

3.7

7.1

1.8

4.8

--

0.1

2.6

83,000?86,999

17.6

--

2.8

6.8

3.6

4.8

--

--

2.3

87,000?90,999

5.9

--

0.9

5.1

3.6

--

6.3

--

1.6

91,000

5.9

--

1.9

4.7

12.5

--

--

--

1.9

For each type of employment, values indicate percentage of respondents. Numbers in parentheses indicate number of respondents. Includes individuals who accepted a full-time position in federal, state, or local government; industry; a college or university; a not-for-profit organization; or other employment. AEP = Advanced education program. CAE = Companion animal exclusive. CAP = Companion animal predominant. EQU = Equine. FAE = Food animal exclusive. FAP = Food animal predominant. MIX = Mixed animal. USV = Uniformed services. -- = No observations in this category. See Table 1 for remainder of key.

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JAVMA, Vol 241, No. 7, October 1, 2012

tice. Equine practices offered a mean starting salary of $37,143 in 2012.

The salary distribution of respondents who accepted a full-time position and provided this information (n = 1,272) was determined (Table 2). Overall, 12.0% (153) of individuals who provided a response expected to receive a salary $75,000, and 20.4% (260) expected to receive < $27,000. Slightly more than 3 of every 10 (34.1% [241]) respondents who accepted a position in advanced education expected to earn < $27,000.

Additional Compensation

Respondents who had accepted employment offers were asked whether they would receive a signing bonus, moving allowance, or emergency case compensation. Of 1,280 respondents who provided this information, 27.4% (351) indicated they would receive 1 of these types of compensation in addition to their salary. Of those who indicated they would receive additional compensation, 10.9% (37/340) anticipated a signing bonus, 30.3% (103/340) indicated a moving allowance, and 76.5% (260/340) expected to receive emergency case compensation. Mean additional compensation for respondents who specified the types and amounts of additional compensation was as follows: signing bonus, $3,345; moving allowance, $1,942; and emergency case compensation, $4,096 (Table 3).

Of respondents who had accepted a position in private practice, 42.3% (225/532) indicated they would be able to earn additional compensation in their first year of employment. In this type of practice, the mean additional compensation reported was as follows: signing bonus, $3,444; moving allowance, $1,847; and emergency case compensation, $4,618 (Table 3). Of those who had accepted a position in public or corporate sectors, 47.5% (19/40) indicated they would receive additional compensation in their first year of employment, whereas 15.1% (107/708) of those pursuing advanced education expected to receive additional compensation.

Educational Debt

Respondents were asked to indicate their total anticipated educational debt at the time of graduation;

89.2% (2,232/2,501) indicated that they expected to have at least some educational debt at the time of their graduation from veterinary medical school (Table 4; Figure 2). Mean debt of those who reported having debt increased 6.4% between 2011 ($142,613) and 2012 ($151,672; all values for educational debt are reported in nominal dollars and have not been adjusted for inflation). The median debt for those with educational debt in 2012 was $150,000, a 7.1% increase from 2011 ($140,000).

Table 4--Total educational debt of year-2012 graduates* of US veterinary medical schools and colleges.

Educational debt ($)

Percentage of respondents

Cumulative percentage

230,000

12.3

12.3

220,000?229,999

2.4

14.7

210,000?219,999

1.8

16.5

200,000?209,999

5.6

22.1

190,000?199,999

2.6

24.7

180,000?189,999

5.1

29.8

170,000?179,999

4.5

34.3

160,000?169,999

5.6

39.9

150,000?159,999

7.3

47.2

140,000?149,999

5.1

52.3

130,000?139,000

5.0

57.3

120,000?129,000

5.1

62.5

110,000?119,000

3.4

65.9

100,000?109,999

4.6

70.5

90,000?99,999

2.7

73.3

80,000?89,999

3.2

76.4

70,000?79,999

1.6

78.0

60,000?69,999

2.0

80.0

50,000?59,999

1.7

81.8

40,000?49,999

2.0

83.8

30,000?39,999

2.6

86.4

20,000?29,999

1.2

87.6

10,000?19,999

1.0

88.6

< 10,000

0.6

89.2

None

10.8

100.0

*Values were based on information from respondents who answered questions about debt (2,501/2,502). Cumulative percentage represents the percentage of respondents who had debt greater than or equal to the specific range's lower limit (eg, 47.2% of respondents reported debt $150,000).

Table 3--Mean additional compensation for full-time positions of year-2012 graduates* of US veterinary medical schools and colleges by employment type.

Type of additional compensation

Employment type

No. of respondents

Signing bonusPrivate practice

27

Public or corporate

--

Advanced education

2

All employment types

29

Moving allowance Private practice

55

Public or corporate

5

Advanced education

18

All employment types

78

Emergency case compensation

Private practice

63

Public or corporate

1

Advanced education

28

All employment types

92

Compensation ($)

3,444 -- -- 3,345

1,847 -- 1,742 1,942

4,618 -- 3,032 4,096

*Three hundred fifty-one respondents indicated they would receive 1 type of additional compensation to supplement their salary; not all respondents provided values for this income.

-- = Base size too small to report value.

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Among individuals who responded to questions regarding educational debt, 47.2% (1,181/2,501) had incurred a debt $150,000. All but 8.0% of the mean reported debt was incurred while in veterinary medical school. Mean educational debt for all respondents was $135,359 (median, $140,000), and of this, $124,567 (median, $130,000) was incurred for veterinary medical school education. Among respondents that had debt, mean debt incurred for veterinary medical school education was $140,145 (median, $140,000).

References

1.

2. Figure 2--Relative frequency distribution of educational debt for year-2010 (n = 2,392), year-2011 (2,479), and year-2012 (2,501) graduates of US veterinary medical schools and colleges.

Shepherd AJ, Pikel L. Employment, starting salaries, and educational indebtedness of year2011 graduates of US veterinary medical colleges. J Am Vet Med Assoc 2011;239:953?957. Shepherd AJ. Employment, starting salaries, and educational indebtedness of year-2010 graduates of US veterinary medical colleges. J Am Vet Med Assoc 2010;237:795?798.

Appendix

Response rates for fourth-year students at the 28 schools and colleges of veterinary medicine in the United States who participated in a 2012 survey of employment, starting salaries, and educational indebtedness.

Veterinary school

Auburn University Colorado State University Cornell Veterinary College Cummings School of Veterinary Medicine at Tufts University Iowa State University Kansas State University Louisiana State University

Michigan State University Mississippi State University North Carolina State University The Ohio State University Oklahoma State University Oregon State University Purdue University

Texas A&M University Tuskegee University University of California-Davis University of Florida University of Georgia University of Illinois University of Minnesota

University of Missouri-Columbia University of Pennsylvania University of Tennessee University of Wisconsin Virginia-Maryland Regional College of Veterinary Medicine Washington State University Western University of Health Sciences

Overall response rate

Response rate of graduating class (%)

100 78 100 95

91 97 100

87 100 100 81 100 93 100

97 100 100 98 100 74 91

97 78 98 100 100

99 87

93

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